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Russia's Gazprom has successfully securitized over $1 billion of future gas exports, despite a local risk climate best described as uncertain and a problematic legal regime.

The UK's Financial Services Authority is investigating Citigroup's unusual sale and buyback activities in the government bond market. French and German regulators are also examining the trades.

Spain's new insolvency law comes into force this month. It increases legal certainty, but lenders must still beware. Gabriel Núñez and Cristina Pérez Cajal explain why

German banks are looking with increasing urgency at ways to rid themselves of their portfolios of non-performing loans, but legal hurdles remain, say Oliver Kessler and Melanie Schlage

Xavier de Kergommeaux and Colin Mercer describe how French regulators are on the verge of expanding and clarifying the role of the country's securitization vehicle

France is modernizing its securities laws by removing outdated concepts and quirks that have exasperated securities practitioners for years. Martine Dalet and Pierre Descheemaeker explain the new securities ordinance

The revival of the French equity markets is putting the country's untested initial public offering rules on trial. Andrew Bernstein and Valérie Lemaitre make the initial assessment

The reasoning of the government bill, enacted into law by the Turkish parliament as Law 5020 Amending the Banks Act and Certain Other Laws (Law 5020), explains in a few sentences why amendments were required to the legislation regulating the banking and finance system: the Savings Deposit Insurance Fund (SDIF) owes about $25 billion to the Turkish Treasury, due to bank failures. The reasoning includes a brief history explaining how this debt reached such an enormous figure and says that the government is determined to collect this amount from the liable parties, especially the bank owners and their cooperators who intentionally caused these failures and somehow benefited from them.

The South Korean government has eased regulations to allow foreign financial institutions to establish subsidiary banks in Korea. The Financial Supervisory Commission (FSC) and the Financial Supervisory Service (FSS) amended the Guidelines for Authorization of Banking Business to allow for these changes.

Legislative Decree 170 of May 21 2004 (Decree 170) has implemented the Directive 2002/47/CE of June 6 2002 on financial collateral arrangements (the Directive).